Posts Tagged Foreign Bank and Financial Accounts

FATCA, FBAR Debate Gets Ugly

Posted by admin in Tax on June 17, 2013

Americans have long been required to report foreign income and foreign financial holdings. The Bank Secrecy Act was enacted by Congress decades ago. It requires U.S. taxpayers to report foreign bank, brokerage, investment, hedge fund and investment accounts. Reporting must be done annually if at any point in the prior year the aggregate value of [...]

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FBAR 101 – Critical Information For FBAR Filers

Posted by admin in Tax on June 9, 2013

The due date for filing Reports of Foreign Bank and Financial Accounts (FBAR for short) is around the corner. As a reminder tom our clients and readers, we annually publish this brief summary. When must FBARs be filed? The due date is June 30th. Since that falls on a Sunday, be safe and file by [...]

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FBAR Violation Leads To Suspended Sentence For Indian American

Posted by admin in Tax on May 26, 2013

Vaibhav Dahake was sentenced yesterday by a federal judge in New Jersey to a year probation after pleading guilty to not filing FBARs for accounts in India and the British Virgin Islands. Press reports indicate he received a lighter sentence as part of a plea agreement and assistance he gave the government on other tax [...]

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Quiet Disclosures (FBAR) Next IRS Target

Posted by admin in Tax on May 19, 2013

The IRS believes that there are millions of Americans who have failed to file FBARs; short for Report of Foreign Bank and Financial Accounts. Taxpayers with offshore holdings of $10,000 or more are required to report those holdings to the IRS. The duty to report includes people merely having signature authority over a foreign account. [...]

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Unreported Account in Singapore? Time Running Out – FBAR Post

Posted by admin in Tax on May 12, 2013

There are tens of thousands of Americans with offshore accounts, many of them in Singapore. As the 4th largest banking center, Singapore has become a popular tax haven for people trying to hide money from the government. That is about to change. If you have a bank or other financial account there and haven’t been [...]

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The Hunt Is On – IRS Targets Caribbean Bank For Offshore Accounts

Posted by admin in Tax on May 3, 2013

by Brian Mahany The IRS is looking for unreported offshore accounts worldwide. This week, the IRS obtained a John Doe subpoena from a federal court allowing authorities to search for records from Canadian Imperial Bank of Commerce’s FirstCaribbean International Bank (FCIB). Previous IRS enforcement efforts have been targeted at banks in Switzerland, Israel and India. [...]

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Caymans No Longer Bank Secrecy Jurisdiction (FATCA / FBAR Post)

Posted by admin in Tax on April 19, 2013

by Brian Mahany As the implementation deadline for the Foreign Account Tax Compliance Act (FATCA) nears, more and more jurisdictions are becoming “transparent.” That means an end to the financial privacy that many wealthy Americans have come to expect. The Cayman Islands are no exception. Once known for its strict bank secrecy laws, the Caymans [...]

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The Offshore Inquisition (FBAR / FATCA Post)

Posted by admin in Tax on April 14, 2013

by Brian Mahany Having a bank or brokerage account in a foreign country is not illegal. There are dozens of reasons to keep assets offshore and most are completely legitimate. Listen to politicians and the media, however, and a different picture emerges. Owners of foreign accounts have been demonized. Politicians portray them as criminals. In [...]

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Taiwan Latest Country To Agree To FATCA

Posted by admin in Tax on April 12, 2013

by Brian Mahany The drum beat and march towards financial transparency continues. Like it or not, FATCA is probably here to stay. FATCA is short for the Foreign Account Tax Compliance Act. FATCA requires foreign banks and other financial institutions to review and identify accounts with ties to the United States. Those financial institutions will [...]

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Finding The Right FBAR Lawyer

Posted by admin in Tax on April 11, 2013

by Brian Mahany There is a fair amount of confusion as to whether a person needs a lawyer to file FBARs. The answer for most people is no. U.S. taxpayers must report certain offshore financial holdings annually on a Report of Foreign Bank and Financial Accounts. FBAR for short. The FBAR is a separate form [...]

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